Blog

Estate Planning - Not Just for High Net Worth Individuals

It’s a common misconception that estate planning applies only to those with a high net worth and a lot of valuable assets.The truth is, estate plans are beneficial for everyoneand can be customized to satisfy the needs, interests, and goals of any individual or family. Most people want to minimize unnecessary costs, confusion, and stress for loved ones after death or protect loved ones from bad decisions, outside influences, or creditor problems — that’s where estate planning comes in.

A great estate plan helps make the process of transferring wealth easier. There are many examples of situations where having an estate plan can simplify your life such as:

Young married couples with children

Name a guardian for your child in the event you predecease your child

Establish a trust fund for your child’s education or living support

Blended families

Consider different inheritances between biological children and stepchildren

Plan around events like a spouse remarrying

Individuals with special needs

Qualify for public assistance, such as Social Security disability insurance

Establish a healthcare power of attorney, living will, and HIPAA authorization

Charitable givers

Establish a legacy of good will

Minimize estate tax and income tax by claiming deductions for charitable giving

Business owners

Succession plan for management and/or ownership in the company

Transfer business assets to your children and retain a source of income for yourself

Individuals with assets that exceed $11.2 million or married couples with assets that exceed $22 million